Renasant Co. (NASDAQ:RNST) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its holdings in shares of Renasant Co. (NASDAQ:RNST) by 81.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 263,353 shares of the financial services provider’s stock after purchasing an additional 117,950 shares during the period. JPMorgan Chase & Co.’s holdings in Renasant were worth $8,559,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Quarry LP increased its holdings in shares of Renasant by 698.3% in the 2nd quarter. Quarry LP now owns 934 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 817 shares during the period. Meeder Asset Management Inc. acquired a new stake in shares of Renasant in the 2nd quarter worth about $39,000. KBC Group NV increased its holdings in shares of Renasant by 32.0% in the 3rd quarter. KBC Group NV now owns 2,457 shares of the financial services provider’s stock worth $80,000 after acquiring an additional 596 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Renasant by 41.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,816 shares of the financial services provider’s stock worth $147,000 after acquiring an additional 1,404 shares during the period. Finally, Creative Planning acquired a new stake in shares of Renasant in the 3rd quarter worth about $207,000. 77.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Renasant news, Director John Creekmore sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $38.00, for a total value of $114,000.00. Following the completion of the transaction, the director now directly owns 24,057 shares in the company, valued at $914,166. This trade represents a 11.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.82% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on RNST shares. Hovde Group cut shares of Renasant from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $45.00 target price on shares of Renasant in a research note on Tuesday, December 31st. Finally, Truist Financial lowered their target price on shares of Renasant from $38.00 to $37.00 and set a “hold” rating on the stock in a research note on Friday, September 20th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.17.

Renasant Stock Performance

NASDAQ:RNST opened at $34.09 on Tuesday. Renasant Co. has a twelve month low of $27.98 and a twelve month high of $39.47. The company has a current ratio of 0.96, a quick ratio of 0.94 and a debt-to-equity ratio of 0.16. The company has a 50-day moving average of $36.46 and a 200-day moving average of $34.29. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 11.10 and a beta of 1.03.

Renasant (NASDAQ:RNST) last posted its quarterly earnings data on Tuesday, October 22nd. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.07. Renasant had a net margin of 16.83% and a return on equity of 6.70%. The company had revenue of $318.34 million during the quarter, compared to analyst estimates of $184.73 million. During the same quarter last year, the firm posted $0.75 EPS. Analysts forecast that Renasant Co. will post 2.65 earnings per share for the current fiscal year.

Renasant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 1st. Stockholders of record on Wednesday, December 18th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.88 annualized dividend and a dividend yield of 2.58%. Renasant’s dividend payout ratio (DPR) is 28.66%.

Renasant Profile

Renasant Corporation operates as a bank holding company for Renasant Bank that provides a range of financial, wealth management, fiduciary, and insurance services to retail and commercial customers. The company operates through Community Banks, Insurance, and Wealth Management segments. The Community Banks segment offers checking and savings accounts, business and personal loans, asset-based lending, and factoring equipment leasing services, as well as safe deposit and night depository facilities.